The global PVC packing straps market was valued at around USD 134 million in 2022. In the current year 2023, the net worth of total PVC packing straps to be sold globally could be around USD 139.8 million. The global market is projected to expand at a CAGR of 4.3% from 2023 to 2033 and reach a valuation of USD 213 million by 2033.
PVC packing straps are used for holding, stabilizing, and combining various products or materials. These are lightweight, versatile, durable, and affordable packing materials. Further, they are also inexpensive, as compared to other strapping materials, and can be used for a long period due to their good strength and high resistance power.
PVC packing straps are manufactured in a wide range of thicknesses as per the requirements of various end-use industries. As per FMI, straps with a thickness of 0.76 mm to 1 mm were immensely popular in 2022 and they created an absolute dollar opportunity worth USD 34.2 million in the same year.
The global market has been dominated by East and South Asia in terms of region. Due to the growing economy, various industries like e-commerce and electronics are on the roll, which is set to further result in increasing demand for PVC packing straps.
Demand for packing straps is significantly increasing in the Middle East and Africa as the region is focusing on developing its food & beverage and electronics industries. Also, the easy availability of raw materials required to manufacture such straps might enable the region to grow in the assessment period.
The market has witnessed a positive outlook in North America and Europe. Surging demand from the building & construction and chemicals industries is anticipated to drive the PVC packing straps market in these regions.
| Report Attributes or Data Points | Details |
|---|---|
| Global PVC Packing Straps Market Valuation in 2022 | USD 134 million |
| Estimated Global Market Share in 2023 | USD 139.8 million |
| Forecasted Global Market Size by 2033 | USD 213 million |
| Projected Global Market Growth Rate from 2023 to 2033 | 4.3% CAGR |
| Historical Market Growth Rate from 2018 to 2022 | 3.8% CAGR |
| Collective Value Share of 3 Top Performing Countries in 2022 | 35 to 37% |
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The global PVC packing straps market witnessed growth at a CAGR of 3.8% during the historical period from 2018 to 2022. Demand for these straps is likely to surge in the logistics industry with an urgent need to pack goods well to prevent damage.
Expansion of the e-commerce industry and the increasing shift of retailers toward cross-platforming are anticipated to aid growth. It is not enough to have a single website as consumers purchase goods on social media, product sites, and retailer sites. It is thus making e-commerce firms inclined toward establishing a cross-platform presence.
The advent of subscriptions providing one-day delivery features might require quick and damage-free shipping. PVC packing straps are therefore used in industrial transport and logistics purposes due to their benefits such as durability, affordability, and lightweight nature. Due to the aforementioned factors, the market is expected to expand at 4.3 % CAGR during the forecast period from 2023 to 2033.
Significant Expansion of the E-commerce Industry
Easy accessibility and increasing preference for online shopping are the key factors for the growth of the e-commerce industry. In addition, the growing use of the internet has led to the rise of e-commerce platforms.
In this industry, goods need to be delivered quickly and packed properly to prevent external damage. Also, the increasing transportation of goods owing to the development of the e-commerce sector is set to create growth opportunities for PVC packing strap manufacturers.
In April 2022, for instance, India launched an open network for digital commerce (ONDC) as the government is striving to end the dominance of USA-based companies such as Walmart and Amazon in the significantly growing e-commerce sector.
The new platform might enable sellers and buyers to transact and connect online. Thus, the development of similar tools to expand trade and online retailing is going to drive the market.
High Demand for Plastics in China to Drive Sales of Polyester Packing Straps
According to the data provided by Plastic Europe, in 2020, China ranked first with 32% distribution of global plastic production. Also, it was the top trade partner of the EU27 plastic industry. In addition, packaging was the leading end-use market of plastics with a 40.5% market share. Thus, FMI estimates that China’s PVC packing straps market is set to exhibit growth at a CAGR of 5.7% due to the high demand for plastics.
Need for Plastic Production Equipment in the United States to Boost Demand for Packaging Strapping
FMI states that the United States PVC packing straps market is estimated to be valued at around USD 27.0 million in 2023 and is predicted to reach USD 40.5 million by the end of 2033. As per the data published by Plastics Industry Association, plastic equipment shipment increased in the third quarter in North America and plastic production rose to 4.2% from the previous year.
The shipping value of shipments reached USD 333.8 million in quarter three. Further, rising demand for plastic-producing machinery and increased production are augmenting sales in the United States.
By thickness, the 0.76 mm to 1 mm segment is estimated to capture an exponential growth of 1.6x, as compared to current sales, and is likely to showcase a CAGR of 4.6% over the forecast period, finds FMI. Packing straps with 0.76 mm to 1 mm thickness are considered to be the ideal size and the preferred choice of end-use industries. Due to its good strength, it has generated the highest share in the global market.
| Category | By Thickness |
|---|---|
| Top Segment | 0.76 mm to 1 mm |
| Market Share in Percentage | 37% |
| Category | By End Use Industry |
|---|---|
| Top Segment | E-commerce |
| Market Share in Percentage | 19.4% |
Based on the end-use industry, the e-commerce segment is likely to expand at a CAGR of 5.5% over the forecast period. As per FMI, the segment held a share of nearly 19.4% in 2022. Transportation and packaging of goods in the e-commerce industry require the assistance of packing straps.
Customers are no longer confined to 100 physical stores in a mall or even a single store. They can get access to any store they want with several brands offering online shopping options at discounted rates. It could further push the growth of the e-commerce industry and drive the global market.
The global PVC packing straps market is highly fragmented with the presence of several key players. Furthermore, manufacturers are adopting various marketing tactics, including mergers & acquisitions, expansions, collaborations, and product innovations to compete against their rivals.
Leading organizations are also launching unique products to expand their market presence among customers worldwide. Additionally, they are striving to develop new high-quality PVC packing straps to gain a competitive advantage.
Recent Industry Developments in the Market
Teufelberger Stralsund GmbH, Cyklop International, and FROMM Group to Pave the Way for Sustainable Packing Straps
| Attributes | Details |
|---|---|
| Estimated Market Size (2023) | USD 139.8 million |
| Projected Market Valuation (2033) | USD 213 million |
| Value-based CAGR (2023 to 2033) | 4.3% |
| Historical Data Available For | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Market Analysis | Value in USD million and Volume in Tons |
| Segments Covered | Thickness, End-use Industry, Region |
| Regions Covered | North America; Latin America; Europe; East Asia; South Asia; The Middle East and Africa; Oceania |
| Key Countries Covered | The United States of America, Canada, Mexico, Brazil, Germany, The United Kingdom, France, Italy, Russia, China, Japan, India, GCC countries, Australia |
| Key Companies Profiled | Teufelberger Stralsund GmbH; Cyklop International; FROMM Group; Auto Strap India; CONSENT L.L.C; DuBose Strapping Inc.; LINDER GmbH; PAC Strapping Products Inc.; Crown Holdings Inc.; Polychem Corporation; Mosca GmbH |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
The global PVC packaging straps market share is estimated to make a revenue of USD 139.8 million in 2023.
The sales of PVC packaging straps in top 3 countries was more than 35% in 2022.
The sales of PVC packaging straps in China made up for almost 32% of the global demand.
The demand for PVC packaging straps is expected to drive the market at a 4.3% CAGR until 2033.
Rapid proliferation of ecommerce platform is poised to drive with a CAGR of 5.5.
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PVC Packing Straps Market
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